Laserfiche WebLink
3.04. The City will decertify the TIF District as soon as reasonably practicable after the <br /> earliest of (a) the date Amended Note 2 is paid in full or defeased, or (b) December 31, 2005. <br /> The City acknowledges that any payment under Amended Note 2 on February 1, 2006 is payable <br /> from Available Tax Increment received in calendar year 2005, and the intent of this Section is to <br /> provide that the Property will not be included in the TIF District for property taxes payable in <br /> 2006. <br /> Section 4. Property Tax Abatement Findings. <br /> 4.01. On September3 November 8, 2000 the City Council conducted a duly noticed <br /> public hearing regarding abatement of the City's share of property taxes on the Property as <br /> described in this Section, at which the views of all interested persons were heard. <br /> 4.02. It is hereby found and determined that the benefits to the City from the Abatement <br /> (as hereafter defined) will be at least equal to the costs to the City of the Abatement, because it <br /> will induce Developer to add significant improvements to its existing facility and produce long- <br /> term property tax benefits that exceed the amount of the Abatement. <br /> 4.03. It is hereby found and determined that the Abatement is in the public interest <br /> because it will increase the tax base of the City and increase employment opportunities. <br /> 4.04. It is further specifically found and determined that the Abatement is expected to <br /> result in the following public benefits: <br /> (a) Create an estimated X000 $900,000 increase in estimated market value <br /> for property tax purposes, which will be available to all taxing jurisdictions after <br /> expiration of the Abatement. <br /> (b) Improve the economic vitality of the community through creation of <br /> additional manufacturing- related jobs and a further beneficial economic impact in <br /> connection therewith. <br /> (c) Increase living wage jobs in the City. <br /> Stat, Section 1161993 to 116.1995 because the amount of assistance is less than <br /> $25,000. <br /> Section 5. Abatement Approved. <br /> 5.01. The Abatement is hereby approved and adopted subject to the following terms <br /> and conditions: <br /> (a) The term "Abatement" means the real property taxes generated by <br /> extending the City's total tax rate for that year against the tax capacity of the <br /> Property and all improvements constructed addition to the existing facility on <br /> the Property (the "Additional Improvements ") as of that tax - payable year, <br /> s1a- 184817v2 <br /> Ceiss -7 3 <br />